The Executive Council of the Federation has approved two significant policy documents aimed at driving economic growth and development in Nigeria.
The policies are the National Integrated Electricity Policy and the National Policy on Marine and Blue Economy.
The National Integrated Electricity Policy seeks to transform Nigeria’s electricity sector by providing a comprehensive framework for sustainable power generation, transmission, and distribution.
Briefing state House Correspondents at the end of the 5th Council meeting chaired by President Bola Tinubu, Minister of Power, Adebayo Adelabu said the policy addresses critical challenges in Nigeria’s electricity sector through comprehensive framework for sector transformation, clear guidelines for sustainable power generation, transmission and distribution, as well as integration of renewable energy sources for power or energy diversification.
The policy document contains 38 chapters, covering historical perspective of Nigeria’s sector, key features of Electricity Act of 2023, Nigeria’s electricity policy objectives, electricity market design, value chain analysis, stakeholders roles and responsibilities, climate change and low carbon economy initiatives, gender equality and social inclusion, as well as local content development, research and development, commercial legal and regulatory frameworks.
The policy also mandates a five-year review cycle to ensure sustainability, continued relevance, and adaptability to the power sector.
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However,the National Policy on Marine and Blue Economy aims to harness Nigeria’s vast marine resources to drive economic growth and ensure sustainable development.
The policy has a 10-year implementation plan and focuses on sustainable management of marine resources, enhancing governance, and promoting public-private partnerships. Its objectives include fostering sustainable management of marine resources, enhancing governance and establishing robust regulatory frameworks, strengthening public-private partnerships to attract investment, promoting capacity building and skills development, and ensuring environmental sustainability.
Both policies are expected to contribute significantly to Nigeria’s economic development, improving the power sector and unlocking the potential of the blue economy.
(Editor: Paul Akhagbemhe)
